Treasury’s Yellen vows big push against corruption, new ‘kleptocracy fund’ By Reuters

Treasury’s Yellen vows big push against corruption, new ‘kleptocracy fund’ By Reuters

© Reuters. FILE PHOTO: Treasury Secretary Janet Yellen waits to testify earlier than a Senate Banking Committee hybrid listening to on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington, U.S., November 30, 2021. REUTERS/Elizabeth Frantz

WASHINGTON (Reuters) – The U.S. Treasury Department should play a serious position in combating corruption at dwelling and overseas, Treasury Secretary Janet Yellen advised President Joe Biden’s democracy summit on Thursday, unveiling a new “kleptocracy fund” to reward tips about the place corrupt overseas leaders hid their cash within the United States.

She stated the Treasury was working to crack down on cash laundering and illicit finance from abroad, whereas beefing up enforcement against tax evaders at dwelling who price the Treasury $600 billion in revenues final 12 months alone.

“After all, the United States cannot be a credible voice for free and fair government abroad if at the same time we allow the wealthy to break our laws with impunity,” she stated.

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